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Fly News Breaks for January 12, 2017
XRX
Jan 12, 2017 | 08:58 EDT
Morgan Stanley analyst Jerry Liu assumed coverage on Xerox with an Overweight and a $9 price target following the spinoff based on expectations of improving operating efficiencies and a shift towards growth segments in printing. The analyst sees further cost savings and efficiency gains as the main driver to margin expansion and earnings and expects the valuation gap versus peers to narrow as revenue declines moderate and margins expand.
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